Divorce is undoubtedly a challenging and emotionally charged experience. Amidst the emotional turmoil, property division often emerges as a critical aspect that requires careful consideration. At NextLevel Law, P.C. by Daniel R. Hernandez, Esq, we understand the complexities surrounding property division during a divorce in Chicago, and we can provide effective guidance and legal representation to ensure that these issues will be handled correctly during your case.
Understanding Property Division Laws in Chicago
Divorce laws and regulations vary from state to state, and Illinois has its own unique set of guidelines governing property division. The state’s laws follow the principle of equitable distribution. Marital assets and debts are divided in a manner that is fair, but the division does not necessarily need to be equal.
Identifying Marital vs. Non-Marital Property
One of the first steps in property division involves distinguishing between marital and non-marital property. Marital property generally includes assets acquired by either spouse during the course of the marriage, whereas non-marital property typically encompasses assets acquired prior to the marriage, as well as inheritances and gifts that were specifically designated for one spouse.
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